I see a lot of posts about mining lately and questions about the core wallet and how to mine with it, so here are some facts!
Feel free to add information to that thread or correct me if I did any mistake.
You downloaded the core wallet
Great! After a decade it probably synced and now you are wondering how to get coins? Bad news: You don't get coins by running your wallet, even running it as a full node. Check what a full node is here
Maybe you thought so, because you saw a very old screenshot of a wallet, like this (Version 1.2)
. This version had a "Dig" tab where you can enter your mining configuration. The current version doesn't have this anymore, probably because it doesn't make sense anymore.
You downloaded a GPU/CPU miner
Nice! You did it, even your antivirus system probably went postal and you started covering all your webcams... But here is the bad news again: Since people are using ASIC miners, you just can't compete with your CPU hardware anymore. Even with your more advanced GPU you will have a hard time. The hashrate is too high for a desktop PC to compete with them. The blocks should be mined every 1 minute (or so) and that's causing the difficulty to go up - and we are out... So definitly check what is your hashrate while you are mining, you would need about 1.5 MH/s to make 1 Doge in 24 hours!
Let us start with a quote:
"Dogecoin Core 1.8 introduces AuxPoW from block 371,337. AuxPoW is a technology which enables miners to submit work done while mining other coins, as work on the Dogecoin block chain."
What does this mean? You could waste your hashrate only on the Dogecoin chain, probably find never a block, but when, you only receive about 10.000 Dogecoins, currently worth about $25. Or you could apply your hashrate to LTC and Doge (and probably even more) at the same time. Your change of solving the block (finding the nonce) is your hashrate divided by the hashrat in sum - and this is about the same for Doge
. This means you will always want to submit your work to all chains available!
Mining solo versus pool
So let's face it - mining solo won't get you anywhere, so let's mine on a pool! If you have a really bad Hashrate, please consider that: Often you need about $1 or $2 worth of crypto to receive a payout (without fees). This means, you have to get there. With 100 MH/s on prohashing, it takes about 6 days, running 24/7 to get to that threshold. Now you can do the math... 1 MH/s = 1000 KH/s, if you are below 1 MH/s, you probably won't have fun.
Buying an ASIC
You found an old BTC USB-miner with 24 GH/s (1 GH/s = 1000 MH/s) for $80 bucks - next stop lambo!? Sorry, bad news again, this hashrate is for SHA-256
! If you want to mine LTC/Doge you will need a miner using scrypt
with quite lower numbers on the hashrate per second, so don't fall for that. Often when you have a big miner (= also loud), you get more Hashrate per $ spent on the miner, but most will still run on a operational loss, because the electricity is too expensive and the miners will be outdated soon again. Leading me to my next point...
You won't make money running your miner. Just do the math: What if you would have bougth a miner 1 year ago? Substract costs for electricity and then compare to: What if you just have bought coins. In most cases you would have a greater profit by just buying coins, maybe even with a "stable" coin like Doges.
Okay, this was a lot of text and you are still on the hook? Maybe you are desperated enough to invest in some cloud mining contract... But this isn't a good idea either, because most of such contracts are scams based on a ponzi scheme
. You often can spot them easy, because they guarantee way to high profits, or they fake payouts that never happened, etc.
Just a thought: If someone in a subway says to you: Give me $1 and lets meet in one year, right here and I give you $54,211,841, you wouldn't trust him and if some mining contract says they will give you 5% a day it is basically the same.
Also rember the merged mining part. Nobody would offer you to mine Doges, they would offer you to buy a hashrate for scrypt that will apply on multiple chains.
Maybe try to mine a coin where you don't have ASICs yet, like Monero and exchange them to Doge. If somebody already tried this - feel free to add your thoughts!
Folding at Home (Doge)
Some people say folding at home (FAH - https://www.dogecoinfah.com/
) still the best. I just installed the tool and it says I would make 69.852 points a day, running on medium power what equates to 8 Doges. It is easy, it was fun, but it isn't much.
Thanks for reading
EDIT 2017-02-10: A word about Nodes
There is a discussion about nodes that came up today, where it seems I'm discouraging people from running the full QT/Core client. Yes and No. What I'm trying to make sure people understand is how things work, and that it is NOT mandatory to run a client in order to use Dogecoins (and yes, I realise that browser-based tools like coinb.in and wallet sweepers are 'clients' by strict definition)
That said, more nodes is absolutely a good thing for the network. Preferrably full nodes. How do you run a full node? Just run Core/QT and open up Port 22556 on your router so it can connect to more than 8 peers. What will it cost you? You need your machine to be on 24/7/365, you need enough storage for the full blockchain (currently about 20Gb. Bitcoin is over 120Gb)
and enough bandwidth to keep it in sync and share blocks with peers. A couple of Gb a month, most likely. This is best done with a desktop on a wired broadband link. Or maybe a hosted VM in the cloud. :)
EDIT 2017-01-09: Wallets WITHOUT Clients
Since I started helping people on /BitcoinBeginners
, I'm getting a lot of questions about how to use wallets without running clients or trusting third parties. So here are a couple of resources that will make that possible, and not just for Dogecoin: Multi-Coin Wallet Generator Now supporting 129 currencies! Coinb.in
Start by setting the currency, found in the gear wheel in the Broadcast tab. Dogecoin Wallet Sweeper
Redeem 'paper' wallets containing up to about 100 UTXOs. Bitinfo Charts
My favourite block explorer, handles a bunch of cryptos.
Using these resources, it is possible to hold, receive and spend coins in various currencies, without having to run QT or a 'lite' client. You can also download and run the pages on your own device.
EDIT 2016-11-23: SEMANTICS about MINING! :P
Even though there is already a section on mining below, it has been suggested given the huge number of posts on the subject that this needs to be made clearer. Since people get their panties in a twist over the word 'dead', lets change that...
MINING IS DEAD!
MINING DOGECOIN IS UNPROFITABLE!
Put simply, there is no way to mine Dogecoin and make a profit because of the massive hashpower provided by industrial-scale Litecoin miners. Mining Doge directly stopped being viable when our hashrate exploded with the introduction of AuxPoW. Mining with CPU's and GPU's died when ASICs were introduced. And mining with a laptop WILL kill your laptop and cost you a fortune to repair or replace. Mining Litecoin with an exchange that also mines Doge and others will earn less than the electricity consumed, and you won't recover your costs. Probably ever, but certainly not in any reasonable time.
Mining other currencies may be a thing, but that's beyond our scope here. This is /Dogecoin
, not /GetRichMiningCryptos
after all. If you want to mine the newest scamcoin for fun and profit, look elsewhere for advice. :/
Oh, and most important:
READ BEFORE YOU POST!
At any given time, there are half a dozen posts on the frontpage just like the one you're about to write
, where the answers have already been given. Read them. Don't make people waste their time repeating themselves because you were too lazy to bother reading stuff. :P So there I was, having a quiet Sundy arvo bludge, as you do, when 42points turned up on Facebook and asked me to write a new sticky post for /dogecoin. Why would he do this, when he should be having a bludge himself, I hear you ask? Well, seems he was doing exactly that, and wanted to fob off the work he’s too slack to do himself. ;) Ah well, being a sucker for punishment, I’ll grudgingly oblige I guess.
OK, first things first.
Dogecoin Core 1.10.0 2015-Nov-01
- A client is a piece of software you keep on your computer which holds one or more wallets. Here are the current client versions. If you're using an older client please upgrade to the newest version prior to sending/receiving coins. Backup! Backup! Backup your wallet.dat file or private key so you can import them into the latest version of the client.
- Be warned that unless you’re running Core (aka QT), you could have issues with wallets containing lots of UTXOs (Unspent Transaction Outputs - Where your coins REALLY live). Go read the ELI5 below, and keep a close eye on your transaction counts. If you DO run Core, realise that all full clients, regardless of the coin, require a copy of the blockchain and must keep it up to date. This will cost you time, storage space and bandwidth. You can save a little by downloading the bootstrap file though. I haven’t checked how recent this one is, so let me know if you find a more current version.
Bootstrap file for Core to save some download time.
Dogecoin Core Guide Wiki
MultiDoge v0.1.7 2016-Jan-31
Android Dogecoin Wallet 2.0.8 2016-Jan-18
Android Coinomi Wallet
Java Cate 0.14 alpha 2 Multicoin wallet 2016-Feb-14
Exodus multicoin wallet
Do you REALLY need a client?
- Probably not, if truth be told. Go read these two ELI5’s if you haven’t already. They contain critical information to help you decide. I’ll wait till you get back. ;)
Paper Wallet Generator
- OK, so next, grab this wallet generator. Even if you plan on running a client(s). Because a) it does many, many cryptocurrencies, and b) you WILL need wallets at some stage over and above what you keep in your clients. Just be sure to run it locally (and offline if you’re truly paranoid).
Sample HTML Wallet List
- Oh, and here’s a simple way to keep track of all your wallets using HTML. You can grab the source and modify it, then upload it wherever you need to suit your needs. You will also want a separate file with your private keys, but don’t upload that one anywhere, because if you lose your keys or someone else gets access to them, you will lose your coins.
Dogetipbot subreddit and website
- Next, be aware that there are online wallets available. While any wallet you don’t own the keys to isn’t actually yours, and therefore isn’t safe, the following are safer than most. Dogetipbot of course is used daily by shibes on Reddit. Block.io uses multisig and gives you Doge, BTC and LTC wallets as well as testnets, and Dogechain gives you your private keys (and also offers a wallet sweeping service).
- Exchanges also offer wallets, of course. Not that you should use them to store your hard-earned coins, because they can and do get hacked with monotonous regularity. But at some stage you’re going to want to trade, or hold a few uncommon coins. You could do worse than these three:
ShapeShift - Not really an exchange, rather a currency trader.
- And then there’s the obligatory question of mining. Put simply, mining is for all intents and purposes dead, and has been for a long time now. The costs are greater than any possible returns. But, if you insist on doing it anyway, maybe because you inherited a miner, you can earn about 0.01 LTC/day per MH/s merge-mining at Litecoinpool. That’s about 4 cents. :(
Explorers BitInfoCharts - My favourite, has charts!
/dogecoindev where the devs hang out
- Shibes sometimes complain that the devs are not as active in /dogecoin as they used to be. You can find them on IRC, slack or their very own sub if you need them though. Or poke sporklin, who can often help.
- You can of course ask any questions here, or post them in the sub. However, do try searching first, because I guarantee every possible question has been asked many times before. And you should also subscribe and hang out in /dogeducation occasionally. There’s much awesomeness there.
Preev currency value calculator
EDITS: From peoplma
I was wondering if you could add just a couple things. A link to the coinomi android wallet, it's probably the best one out there. And a sentence somewhere along the lines of "if you need help with any dogecoin software you are welcome to make a post, but PLEASE include your OS, version number of the client, and any relevant transaction IDs that you are willing to share" if you can fit that in somewhere.
Also, if you want to link to Prohashing, I'm pretty sure it's the only Scrypt mining pool that will actually pay out in doge. The others I know of pay out in litecoin or bitcoin. And it's a profit switching multipool, so gives a better return than just mining ltc/doge.
And there's these two wiki articles I thought would be helpful to link /dogecoin/wiki/technical for those technically minded newbies or intermediate users who want to dig a little deeper. And maybe a link to /dogecoin/wiki/dogecoincoreguide next to the link for dogecoin core.
Finally a proper sticky post! Here's some other stuff you could add:
zpool.ca mining pool - You can get paid in pretty much any coin, and you can mine in multiple algos (currently mining lyra2v2 with my GPU). Doing about 500Ð/day
shapeshift.io exchange - My favourite exchange, quick and easy. No registration required!
Also, you should add some blockchain explorers!
chain.so - Support for bitcoin, litecoin and doge.
dogechain.info - Official blockchain explorer. Includes a wallet (already mentioned). Live update currently not working (?)
EDIT: Here's another thing I found!
preev.com currency value calculator - Easy way to check the value of your dogecoins (or bitcoins, or litecoins, or peercoins)!
This is going to be a more technical post, and to some extent this is just a backup in case I disappear, but there's also some amusing and interesting aspects in here.
First off, the general plan and timetable. Originally, I'd been planning to rebase onto Bitcoin. This would involve two main steps, first converting to scrypt and second converting a "generic Scryptcoin" template I would make from that into a Nyancoins client. I decided that seemed a little too ambitious for the first client (and I don't know of any pressing need to rebase like that, although it would add the nicety of the faster initial sync). Instead, I'm going to go off of the Litecoin code like Nyancoins originally was, so that it will be as easy as possible.
I am planning for the end of August at the latest to have new client builds out and ready for general use. I am hoping to have it done sooner, and basing off Litecoin should hopefully help with that. My first step was to figure out what version of Litecoin Nyancoins was forked from so that I could get as clean a diff as possible. I was able to get the general range from the fact that the copyright notice on Nyancoins ends at 2012 (!). The second piece which got me to a close enough version was the allocators.h file. From these, I was able to see that v0.6.9 was a close fit.
I looked at a diff on the src/ directory, and it is very clean: the differences are truly those changes which were made to Nyancoins, to a very high degree (perhaps one or two slight changes which are just from not being the exact version it's forked from; that's fine, all I needed was a clear enough view to see what the significant changes were).
I'm seeing all of the changes I'm expecting to see, from the genesis block, to nyanseed.com, to all of the UI text changes. So this is a really nice start. I want to post those differences, but my connection here is pretty low quality, so it might have to be later. You can always pull it up by doing a diff on the src/ folders with Nyancoins and Litecoin (git checkout v0.6.9).
Here are some of the interesting differences I saw, starting with what I found the most hilarious:
In main.cpp, we see this line: "// Copyright (c) 2013-2079 Dr. Kimoto Chan"
So apparently "Dr. Kimoto Chan" is Nyancoin's version of Satoshi Nakamoto. As you all know, we don't necessarily have an unambiguously positive view of the original creation of this coin. But nonetheless, we are only here because of that initial creation, however rough it ended up being. That line will be copied to any new version I make. [As an aside, I'm unsure how I'm going to do my copyright notice. I'm debating between "Nyancoin developers", "coinaday", and using my real name. I've said previously that I would state my real name here. I have not done so yet because I wasn't entirely sure if it would be useful or a distraction. But if there is any desire for it whatsoever, then I will publicly connect my afk name with this identity.]
Compared to that bit, everything else is pretty tame and technical.
checkpoints.cpp - This is an important one and different. I'm not entirely sure of if there's a technical advantage to adding new checkpoints or anything, but of course we have to swap out the litecoin ones for the nyancoin ones.
One interesting thing in litecoin but not in Nyancoins: there is no alert functionality here. I don't know the details of how this works, but I remember hearing about it before on bitcoin. iirc, if there were some emergency, it would allow Satoshi to actually send a brief message to everyone on the network. To the best of my knowledge, this feature has never been used.
init.cpp - We define irc-seeding as being on, while litecoin defines irc-seeding as being off. This definitely seems like a useful feature to keep. I'm not sure why it was turned off on theirs.
main.cpp - Beyond the copyright notice, there are a lot of changes here. I haven't looked at this in context, but I think it's making the block rewards spendable sooner:
"702c701 < return max(0, (COINBASE_MATURITY+15) - GetDepthInMainChain()); --- > return max(0, (COINBASE_MATURITY+20) - GetDepthInMainChain());" COINBASE_MATURITY is also defined lower in Nyancoins.
There are different values for "pchMessageStart"; I have no idea what that is. Perhaps it's some sort of handshake magic values? If there's any meaning to it beyond that, I'm unaware of it.
We also have all of the gravity well (difficulty calculation) stuff in there. I didn't read that in depth. I don't like how the difficulty calculations have been working out, I think it needs some smoothing at the least, but to change it would be a hard-fork, so I'm not worrying about the details at this point. I think it will be easier and better for us to just make it work as-is, which will just require getting that stable baseline hashing power.
In main.h there's a line which allows the free transactions to be 27000 in size rather than 10000 in size. There's another setting which also makes it a bit more generous (uses the same number of blocks as litecoin to determine priority, but we get them faster (at least in theory)).
In net.cpp, nyanseed.com is defined as the irc-seed location. We could add in more addresses if we'd like. We should coordinate with jwflame for how that's supposed to be run.
That also has pnSeed, which, at a quick glance at how it's used in the code, appears to be hex-encoded ip addresses for seed nodes. I'm not sure if those seed nodes need to be anything different than just a regular Nyancoins node that we expect to be long-lived. We'll want to pick some good values to hard-code in, including the prohashing node.
There are a bunch of miscellaneous places I've skipped over where the genesis block or coin parameters are defined. I can talk about all of that too if people are interested. Feel free to look through the diff; it's actually pretty human-readable for the most part I think: http://pastebin.com/x4PwD4Ui.
Finally, there's the version.h. The current Nyancoins client is labeled as version 1.2. Obviously this is different than bitcoin and litecoin which are far more conservative in their versioning and have not yet incremented the major version release. Well, we're just that important; we get major releases. I think it's sort of fitting with the concept that we're a very downstream fork, where all of our releases should be considered suitable for long-term support. So I'm going to plan on releasing the new client as version 2.0.
Overall, this is looking pretty good to me so far, although I haven't yet looked at what I'm grafting onto. Also, I don't have a setup to do a build. Once I get a draft bit of code (probably without all the text changes but just changing all of the core technical bits), I'll probably see whether I can rope someone into building this for me who already has the setup for it. If not, well, any self-respecting developer should be able to do their own builds anyhow; I'll figure it out.
The purpose of this new client is to prove that I can do it. There isn't a particular feature or immediate need that I'm aware of. But I think it's important to show we have this capability so that we can feel comfortable doing this whenever there is something we feel the need to pull in.
My next major technical task after completing this will be to produce an Android wallet for Nyancoins.
massivepanic writes with an article that "runs through the logistics of mining a Bitcoin on everyday gaming computers while keeping an eye on power consumption, time spent, and return on investment. From the article: 'I have mined a Bitcoin. This was not much of an accomplishment a year or two ago, but in 2013, after the infamous early-April peak at $260, unearthing a Bitcoin is no easy task. Bitcoin is Secure. Bitcoin miners help keep the Bitcoin network secure by approving transactions. Mining is an important and integral part of Bitcoin that ensures fairness while keeping the Bitcoin network stable, safe and secure. Links. We Use Coins - Learn all about crypto-currency. Bitcoin News - Where the Bitcoin community gets news. Bitcoin was lucky. Satoshi launched in relative anonymity, and bitcoin benefited from that incubation period. Importantly, the incentive structure of bitcoin was able to take root and grow organically, with very little interference from knowledgeable attackers. Today, the task of launching a coin is more difficult. Bitcoin The first successful and widely used implementation of a blockchain, originally proposed by Satoshi Nakamoto. It's a peer-to-peer payment system and store of value. Bitcoin can refer to both the tradable asset as well as the underlying protocol and technology. With bitcoin, a small number of new coins trickle out every hour, and will continue to do so at a diminishing rate until a maximum of 21 million has been reached. This makes bitcoin more ...